Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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5. Sunshine Heart shifts focus to Aquadex FlexFlow system
Sunshine Heart said today it will realign its strategy to focus on its recently acquired Aquadex FlexFlow system, designed to filter water and salt from patients with fluid overload due to renal failure.
The Eden Prairie, Minn.-based company acquired the system from Baxter for $5 million in August this year. It also said it will pause clinical evaluations of its neuromodulation tech and reduce cash burn to $80,000 per month in the 4th quarter of 2016. Read more
4. Mergers, IP, risk assessment among trends in medtech
In 1995, the average time to a successful exit for a medical device startup was about 3 years, according to Rotational Medical CEO Martha Shadan. Now, Shadan said, it can range from 6 to 9 years and cost as much as $50 million. Shadan suggested that the increase in exit time is probably due to risk associated with investing in medtech and a lack of venture capitalists.
“This is a real problem for the industry,” Shadan said this week at MassDevice.com’s 5th annual DeviceTalks Boston event, “and it’s only going to get worse.” Read more
3. Medtronic’s HeartWare faces 2 Class I FDA recalls
Medtronic said today the FDA labeled 2 outstanding global voluntary recalls related to subsidiary HeartWare International’s HVAD system as Class 1.
A Class 1 indication from the federal watchdog indicates “a reasonable probability that use of these products will cause serious adverse health consequences or death,” according to the agency. Read more
2. Boston Scientific lands $71m Defense Dept. contract
The U.S. Defense Dept. said yesterday that it awarded a contract worth $71 million to Boston Scientific.
The agreement calls for Marlborough, Mass.-based Boston Scientific to provide cardiovascular products to the U.S. Army, Navy, Air Force, Marine Corps and federal civilian agencies. The deal has a 1-year base contract with 4 1-year renewal options, according to the Defense Dept. Read more
1. Report: Terumo eyes Abbott’s cardio biz
Terumo is reportedly eyeing a nearly $1.5 billion deal for Abbott’s cardiovascular device business.
The ¥150 billion deal, if consummated, would be part of Abbott’s move to shed assets and consolidate pending the close of its $25 billion merger with St. Jude Medical, according to Japan’s Nikkei business journal. Earlier this month, Abbott announced plans to deal its medical optics business to Johnson & Johnson for $4.3 billion. Read more
The post MassDevice.com +5 | The top 5 medtech stories for September 30, 2016 appeared first on MassDevice.
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